A consensus has emerged in the burgeoning literature on corporate social responsibility (CSR)
that “virtuous” firms are often rewarded by the marketplace. Unfortunately, the …

… Howton is an Assistant Professor of Finance at Drexel University. Steven B. Perfect is
Senior … Howton's dissertation committee. We would also like to thank Shelly Howton for her …

This study examines the role of the board of directors for IPO pricing irregularities. Theory
suggests that initial underpricing may be the result of asymmetric information and the long-run …

In this paper we measure the market reaction to 937 straight debt issues between 1983 and
1993. We find a negative and significant market reaction to a straight debt announcement. In …

We examine the operating performance of 200 equity real estate investment trusts (REITs)
following seasoned equity offerings (SEO) made between 1990 and 1996. Our sample shows …

This article examines at‐the‐market (ATM) equity programs as an additional source of
financial flexibility. We find that firms with higher market‐to‐book ratios and greater institutional …

Provides a test of the significance of the relation between firms' derivatives use and each
class of determinant. Use of nested Tobit models to test the significance of each class of …

Howton & Howton Article.pmd Page 1 62 ∎In early 2003, President Bush made reducing
the tax on dividends in the United States a centerpiece of his economic stimulus plan. He …

This article examines changes in real estate investment around the establishment of at‐the‐market
(ATM) equity programs by equity REITs. We document a significant increase in the …

Managers have a unique fiduciary responsibility to shareholders of a firm that implies a set of
ethical obligations. At a minimum, managers are required to protect shareholder’s interests …